Range Resources Limited Refundable Payment Update (1463L)
21 December 2018 - 6:00PM
UK Regulatory
TIDMRRL
RNS Number : 1463L
Range Resources Limited
21 December 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE
("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
REFUNDABLE PAYMENT UPDATE
Range, an international company with oil and gas assets and
oilfield services operations in Trinidad and Indonesia, provides an
update with regards to the refundable payment of US$2.8 million due
to Range ("Refundable Payment").
As announced on 28 December 2017, Soca Petroleum Limited, a
wholly owned subsidiary of the Company, advanced the Refundable
Payment to LandOcean Petroleum Corp. Ltd, a subsidiary of LandOcean
Energy Services Co., Ltd. ("LandOcean") as part of the
consideration for the Range Resources Drilling Services Limited
acquisition. Following a repayment request from Range, LandOcean
advised that it was unable to return the Refundable Payment
immediately as stipulated by the agreement due to foreign exchange
controls and the need for routine examination and approval of the
payment from the State Administration of Foreign Exchange of China
("SAFE"). LandOcean has confirmed that the Refundable Payment
remains refundable to Range, and they will use all reasonable
endeavours to arrange the payment to Range as soon as possible.
Range believes that it may take up to 6 months to obtain the
necessary approvals from SAFE, and a backstop date for the
Refundable Payment of 30 June 2019 has been agreed between Range
and LandOcean.
Range's current cash position is approximately US$3.3
million.
Contact details
Cantor Fitzgerald Europe (Nominated
Range Resources Limited Adviser and Broker)
Evgenia Bezruchko (Group Corporate David Porter / Nick Tulloch (Corporate
Development Manager) Finance)
e. admin@rangeresources.co.uk t. +44 (0)20 7894 7000
t. +44 (0)20 3865 8430
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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